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>> just to be clear, i support the framework of bowles-simpson which is the mix of revenue to cuts. i think the ratio is right. >> one of the theories of bowles-simpson is you bring down -- >> i think what chuck schumer is saying first of all of, that we need to start any negotiation at the rate that the taxes will go to for the wealthy under current law, which is start at 39%. that is the starting point. the president's been very clear. he's been talking about this throughout the debate, that we need to allow those rates to go back to where they were -- >> you believe in this -- >> if you start there, there are definitely things in the tax code that can be cleaned out. >> so you're open. >> i'm open to the notion of look offing to remove some of the stuff in the tax code. the difference is that republicans decide to pick the rate first. so mitt romney gets out there, says i'm going to cut the rate by 20% which we all know costs $5 trillion. then he says, oh, now we'll think of how we're going to get there. he puts everything on the table that helps middle class taxpayers like the m
>> just to be clear, i support the framework of bowles-simpson which is the mix of revenue to cuts. i think the ratio is right. >> one of the theories of bowles-simpson is you bring down -- >> i think what chuck schumer is saying first of all of, that we need to start any negotiation at the rate that the taxes will go to for the wealthy under current law, which is start at 39%. that is the starting point. the president's been very clear. he's been talking about this throughout...
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the one you hear them talk about the most is simpson-bowles or bowles-simpson. ashley: which the president ignored. >> which the president ignored. and i'm telling you, if either new president signs a simpson-bowles-like bill passed by congress, look out, we're on the mend again. ashley: interesting. you know, very quickly, with regard to investors, a lot of cash in, bond and cash itself that just don't want to jump in. there is a built of a lack of faith in the financial system, would you say? they have had glitches. they don't trust banks or regulators. >> that is the single biggest market facing the market. by the way of lack of policy response to washington contributes to that. it is the financial crisis. the flash crash. botched ipos. libor manipulation. investors are sitting there saying should i trust my hard-earned savings to put into the marketplace? guess what? unless and until they do, we will not have the patient long-term capital we need to get the country and the economy moving again. tracy: look at today. we've got a earnings report released witho
the one you hear them talk about the most is simpson-bowles or bowles-simpson. ashley: which the president ignored. >> which the president ignored. and i'm telling you, if either new president signs a simpson-bowles-like bill passed by congress, look out, we're on the mend again. ashley: interesting. you know, very quickly, with regard to investors, a lot of cash in, bond and cash itself that just don't want to jump in. there is a built of a lack of faith in the financial system, would...
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Oct 18, 2012
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care about an election and consequences, they might finally do a gang of six or do something big, a simpson-bowles plan because those who have spoken and now the lame duck congress will get together with a president who is re-elect or a lame duck president and say let's walk the plank together. >>neil: you really effectively are expanding the tax base, it is not so black and white that it represents the everyone. >>reporter: neither side has wanted this to happen but the markets are looking for it. >>neil: okay, ed, thank you. now, ed, you are the best. covering the white house. >> do you remember what happened 25 years ago, tomorrow? ed was not alive but i was, if the president doesn't want to see a similar stock crash like that, the heads of the big it bangs just sent him fair warning, tonight, at 8:00 p.m. on fox business network, big stuff, coming tonight. >> suspected terrorist of al qaeda and a plan to put 9/11 to shame, with a 1,000 pound bomb meant to topple the federal reserve building of new york but looking through the newspapers you wonder if the whole thing even happened because forge
care about an election and consequences, they might finally do a gang of six or do something big, a simpson-bowles plan because those who have spoken and now the lame duck congress will get together with a president who is re-elect or a lame duck president and say let's walk the plank together. >>neil: you really effectively are expanding the tax base, it is not so black and white that it represents the everyone. >>reporter: neither side has wanted this to happen but the markets are...
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Oct 18, 2012
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this is what i do like about bowles-simpson. comprehensive reform. eliminating loopholes of our tax laws. i am proposing in my blueprint a 20% tax, much lower than the world 25%. that would create new jobs a year. another way to get revenues -- if we did that, throughout virginia, there would be hundreds of thousands of jobs created, we would have more affordable fuel and food and electricity, and the federal government would get over $1 trillion in revenues without raising taxes. that is the plan that will get america moving in the right direction. >> i let you go over but you did not answer the question. we have to have a balanced approach for dealing with the budget. you cannot get balance through in balance. -- imbalance. george's approach is to close it as follows. make all the bush tax cut permanent, even for the wealthiest. now it is getting bigger. then, close the tax all through cuts. if you have to have that big a gap, you will cut deeply into priorities that matter. i have a different approach. let the books -- pushed tax cuts expire. -- b
this is what i do like about bowles-simpson. comprehensive reform. eliminating loopholes of our tax laws. i am proposing in my blueprint a 20% tax, much lower than the world 25%. that would create new jobs a year. another way to get revenues -- if we did that, throughout virginia, there would be hundreds of thousands of jobs created, we would have more affordable fuel and food and electricity, and the federal government would get over $1 trillion in revenues without raising taxes. that is the...
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Oct 18, 2012
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simpson-bowles also reduces the number of tax brackets and i think that is good idea as well. >> governor, can i press you on that point. the income level, what would you consider rich and what percentage of a person's income should go to the government, local, federal and state? lingle: for our state is especially difficult because we're a state of small businesses if you pick a number, whatever number you pick, and everybody would pick a different number to classify the riff, in our state it will often mean that is a small business because they report that income as personal income. so we're going to need to find a way, if we want to increase taxes on those who have personal wealth, versus those who are running a business but report their income as personal income, otherwise the business in our state get disproportionally hurt under congresswoman her rohn knows plan. >> moderator: thank you very much, governor. representative hirono your rebuttal. hirono: i believe in tax fairness, is it fair that the richest people in our country pay lower tax rate than secretaries as pointed out by wa
simpson-bowles also reduces the number of tax brackets and i think that is good idea as well. >> governor, can i press you on that point. the income level, what would you consider rich and what percentage of a person's income should go to the government, local, federal and state? lingle: for our state is especially difficult because we're a state of small businesses if you pick a number, whatever number you pick, and everybody would pick a different number to classify the riff, in our...
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Oct 18, 2012
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last week you interviewed simpson and bowles and blankfein. today this news that the white house is really going to say my way or the highway. is this a game changer? >> it really could be, but when you think about game theory, when you look at how agents will act in a certain scenario, you've got to hold some things constant. but when you look at this, there's nothing you can hold constant. you don't know who's going to win the election and you don't know by how much. you don't know who's going to have the house, but by what the margin will be in the senate. so that's really key here. i can't game this out how much power really obama has or how much power the democrats and the republicans have. >> there is certainty here because obama is quite clear. he wants the taxes to rise on the more wealthy of society. that's the whole election campaign. that's the substance of it. the other constant that you have is you know the man has the power of veto into january, and they've got to do a deal on the fiscal cliff at a time when some republicans are
last week you interviewed simpson and bowles and blankfein. today this news that the white house is really going to say my way or the highway. is this a game changer? >> it really could be, but when you think about game theory, when you look at how agents will act in a certain scenario, you've got to hold some things constant. but when you look at this, there's nothing you can hold constant. you don't know who's going to win the election and you don't know by how much. you don't know...
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Oct 18, 2012
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but between simpson-bowles, gang of six, super committee participants, there's a lot of work that's been done and obviously post election there will be more work done. >> let me paint you a signature. let picture. let's say president wins election, bobamacare stays, bus tax cuts expire above those 250. you know where capital gains go, dividends go about that that's the deal before everything goes in, plus we get all the taxes going up on small businesses above 250. that's better than going over? >> well, listen, joe, i don't want to speculate on -- >> you're telling everyone that they got to compromise on their principles on one side or the other. i mean, it matter what is the deal is, doesn't it? >> i don't dispute that. but we're asking for both parties to be responsible. the stakes are high. so we have two things that we need to achieve as a nation here over the next several months. one is avoid the market damage and economic damage -- >> you know what i'm saying. >> i do. >> people saying why give any extra revenue to an institution that doesn't hold money dear at all. doesn't think
but between simpson-bowles, gang of six, super committee participants, there's a lot of work that's been done and obviously post election there will be more work done. >> let me paint you a signature. let picture. let's say president wins election, bobamacare stays, bus tax cuts expire above those 250. you know where capital gains go, dividends go about that that's the deal before everything goes in, plus we get all the taxes going up on small businesses above 250. that's better than...
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Oct 18, 2012
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was watching a recent cato institute program on c-span and one of the attorneys who had been on the simpson-bowles project made the statement that only six republican members of congress had voted for revenue increases since sometime in the 1990's, and one happened to be lugar, who is leaving congress. i am curious about your opinion on that. guest: well, i think there are a lot of republicans and some democrats on record about the tax increase. some of it comes down to semantics. can you cut a deal where you may not raise current income tax rates and you probably lower them but get rid of lots of deductions? you know, can you have that kind of tax reform simplification that a lot of people say they want? they get bogged down in the details. some people believe that, if that is the context, the republicans would be more willing to go along with these things that are not seen as a tax increase but in some respects are. we will have to see, but i think the cato fellow was right, very few have voted for a tax hike of any kind. host: who were the gang of eight and where are they in negotiations? guest
was watching a recent cato institute program on c-span and one of the attorneys who had been on the simpson-bowles project made the statement that only six republican members of congress had voted for revenue increases since sometime in the 1990's, and one happened to be lugar, who is leaving congress. i am curious about your opinion on that. guest: well, i think there are a lot of republicans and some democrats on record about the tax increase. some of it comes down to semantics. can you cut a...
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one of the complaints i had about simpson-bowles was the wanted to cut social carry right away. i asked myself, with all of the things that have happened to our economy, the implosion of wall street, all the things that have gone wrong, the fact small businesses could not get capital, and somehow seniors and social security had cooked up financial instruments and thrust them on our economy? i don't think so, yet that was the recommendation, to cut social security right away. social security is valid until 2033, and we can talk about ways to improve and strengthen it, but i will fight to protect it. as far as the $4 trillion, i would recoup some of the money that was paid out to wall street. i support the president's level of going up to $1 million and say we should let the bush tax cut to expire. even grover norquist said allowing this to expire is not a tax increase, and if that is what he thinks, which should be up to get that done and put money back into our economy. when we get back, we need to make sure we don't go over the fiscal cliff, but you will not find me saying that
one of the complaints i had about simpson-bowles was the wanted to cut social carry right away. i asked myself, with all of the things that have happened to our economy, the implosion of wall street, all the things that have gone wrong, the fact small businesses could not get capital, and somehow seniors and social security had cooked up financial instruments and thrust them on our economy? i don't think so, yet that was the recommendation, to cut social security right away. social security is...
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simpson. >> it is bowles simpson. >> gretchen: you agreed with them? >> yes. they have to cut spending and raise taxes. >> brian: but more revenue is brought in during the bush years than any other time. >> because the economy was growing during that time. but even more would have brought in. revenue is large. tax rates and level of economic activity. level of economic activity is very high until 2008. so they're bringing in more money. but tax revenues actually fell from 2001 to 2002, then they recovered. >> brian: right. but ben, you have this great economic mind, would the revenues have grown at the rate if the taxes were too high? >> the evidence is that there is -- there is no clear connection between the level of taxation and the level of economic activity. the biggest growth of prosperity we've ever had in this country was from roughly 1941 to roughly 1973. that was the best years we ever had and those were years of much, much higher taxes than we have now during war time and during peacetime. so the economy can go very past even with higher tax
simpson. >> it is bowles simpson. >> gretchen: you agreed with them? >> yes. they have to cut spending and raise taxes. >> brian: but more revenue is brought in during the bush years than any other time. >> because the economy was growing during that time. but even more would have brought in. revenue is large. tax rates and level of economic activity. level of economic activity is very high until 2008. so they're bringing in more money. but tax revenues actually...
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Oct 18, 2012
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simpson. this time one way or the other the american people will have spoken in a few weeks and we'll know where the public stands. you already have republicans in the house saying that if president obama, we're going to have to peel off because that's what the people want. that's what this election is all about. so there will be a mandate one way or the other. dick armey, i give you the last word. is tax reform dead if obama is re-elected? and will it just take -- we have to wait until mitt romney comes in. >> it's not dead. i'm sorry, david, i thought he directed the question at me. yeah, i'm afraid it is. you have to understand president obama struggles every day with his limitations, his vision is very constricted, he has no training, no experience, no imagination and worst of all, he has no willingness to consider a point of view that comes from outside his very, very seques r sequestered upbringing and experience, he just doesn't have the creativity to get beyond himself. >> got the leav
simpson. this time one way or the other the american people will have spoken in a few weeks and we'll know where the public stands. you already have republicans in the house saying that if president obama, we're going to have to peel off because that's what the people want. that's what this election is all about. so there will be a mandate one way or the other. dick armey, i give you the last word. is tax reform dead if obama is re-elected? and will it just take -- we have to wait until mitt...